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RANCHO MIRAGE: Pitchersky gets time for $5.3M mortgage scheme

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Greed got the best of Steven Pitchersky, 65, of Rancho Mirage, a federal investigator in Philadelphia said on the day a 51 month prison sentence was imposed against him for committing wire fraud in a mortgage refinancing scheme.

The scheme bilked Ally Financial Inc., of Detroit, out of about $5.3 million, U.S. Attorney Zane Memeger said.

Pitchersky, who pleaded guilty to wire fraud on Sept. 23, 2013, operated Nationwide Mortgage Concepts from an addressed linked to a home in the tony section of Clancy Lane in Rancho Mirage.

Essentially, Pitchersky was accused of concocting a scheme to latch onto a warehouse line of credit from Ally to refinance thousands of first-mortgages held by other financial institutions.

To create an illusion of largesse with Ally, U.S. Attorney Zane Memeger said Pitchersky told Ally bank that his company had a 10 million warehouse line of credit with "MPL," a venture that did not exist.

"Rick Jay,'' the contact person for MPL was made up, as was the title company that Pitchersky set up to handle wire transfers of mortgage refinancing funds.

Federal agents say Pitchersky covertly created this scene of smoke and mirrors to have complete control of the funds -- and live a life of luxury in big-ticket homes and art galleries. His sentence includes a demand to make restitution for the crime.

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